Exhibit 20.1

CNH Wholesale Master Note Trust

Wholesale Asset Backed Notes, Series 2003-1, 2003-2 and 2003-3

Monthly Servicing Report

Collection Period		19
Settlement Period Begin Date		4/1/2005
Settlement Period End Date		4/30/2005
Distribution Date		5/16/2005

	End Of Period		Beginning Of Period
Portfolio Information

1. Balances
Pool Balance	2,175,796,884.09		2,128,984,984.72
Adjusted Pool Balance	2,143,159,930.83		2,097,050,209.95
Required Pool Balance	1,794,767,254.04		1,899,596,220.76

Trust Available Subordinated Amount	208,579,994.04		220,388,154.09
Required Subordinated Amount	208,579,994.04		220,388,154.09
Incremental Subordinated Amount	40,268,853.84		43,479,109.43
Transferor Amount	617,558,742.13		489,661,863.56

2. Portfolio Composition
Top 3 dealers
0-90 days past due (0 = current)	181,850,279.91		178,123,186.64
91+ day past due receivable balance	332,518.42		10,212.06
Total	182,182,798.33		178,133,398.70
Rest of the dealers
0-90 days past due (0 = current)	98,381,583.17		92,754,031.74
91+ day past due receivable balance	1,591.50		904.91
Total	98,383,174.67		92,754,936.65
Used Equipment
0-90 days past due (0 = current)	261,340,584.11		258,380,440.36
91+ day past due receivable balance	1,053,941.65		794,728.18
Total	262,394,525.76		259,175,168.54
Rental Equipment
0-90 days past due (0 = current)	194,663,830.98		174,160,179.99
91+ day past due receivable balance	254,733.37		231,205.03
Total	194,918,564.35		174,391,385.02

3. Overconcentrations
Dealer Overconcentration Amount due to 2.25% limit on top 3 dealers	49,802,996.05		46,587,752.43
Dealer Overconcentration Amount due to 2.00% limit on the rest of the dealers	0.00		0.00
Used Equipment Overconcentration Amount (40% limit)	0.00		0.00
Rental Overconcentration Amount due to 12% limit on rental receivables	0.00		0.00

4. Ineligible Receivables
Ineligible Receivables (excluding Overconcentration amounts)	0.00		0.00
Aggregate Amount on Ineligible Receivables re-assigned to the transferor	0.00		0.00

Current Month Activity

1. Trust Principal Receivables
Aggregate Principal Collections	424,946,375.05
New Principal Receivables	514,946,180.19
Receivables Added for Additional Accounts	5,147,822.34
Net Loss	4,717.07
Monthly Dilution Amount	43,183,188.70
Principal Recoveries	0.00

2. Principal Collections
Aggregate Principal Collections	424,946,375.05
Reallocated Yield Amount	6,374,195.63
Series Allocable Principal Collections	418,572,179.42
Principal Allocation Percentage of Series Allocable Principal Collections	94.65	%

3. Non-principal Collections
Interest Collections	11,398,472.35
Reallocated Yield Amount	6,374,195.63
Series Allocable Interest Collections	17,772,667.98
Floating Allocation Percentage of Series Allocable Interest Collections	85.35	%

4. Investment Proceeds
Collection Account Investment Earnings	1,088.07
Reserve Account Investment Earnings	38,553.14
Principal Funding Account Investment Earnings	294,506.96
Interest Funding Account Investment Earnings	16,580.52
Excess Funding Account Investment Earnings	0.00
Aggregate Investment Proceeds	350,708.69

5. Miscellaneous Payments to the Issuer
Adjustment Payment	0.00
Transferor Deposit Amount	0.00

Portfolio Performance

1. Portfolio Aging
Current	2,153,974,217.01
1-30 days past due	14,961,919.57
31-60 days past due	1,538,754.30
61-90 days past due	3,038,162.60
91-120 days past due	489,696.71
120+ days past due	1,794,133.90
Total	2,175,796,884.09

2. Sold Out of Trust
0-90 days past due (0 = current)	348,709.76
91+ day past due receivable balance	214,986.94
Total	563,696.70

Early Amortization Events

	1. Failure by the Servicer to :
	a. Make a payment or deposit required by the TSA(1).	N
	b. To deliver a Payment Date Statement on the date required under the TSA(1)	N
	c. To comply with its agreement not to create a lien on a receivable.	N
	d. To observe other agreements in the TSA(1)	N
	2. Material breach of certain representations, warranties of covenants not cured within 60 days.	N
	3. Occurrence of an Insolvency Event relating to CNH Global N.V., Case, LLC or New Holland North America Inc.	N
	4. Failure to convey Receivables in Additional Accounts with 5 business days.	N
	5. Available Subordinated Amount less than Required Subordination amount provided that reductions in Available Subordinated Amount used to pay interest due to LIBOR being equal to or greater than PRIME for 30 consecutive days.	N
	6. Servicer Default.	N
	7. Issuer becomes an ‘Investment Company’.	N
	8. Events of Default under the indenture
	a. Issuer’s failure to pay interest on any note for 35 days.	N
	b. Issuer’s failure to pay the stated principal amount by its legal final maturity date.	N
	c. Issuer becomes bankrupt.	N

	Is the Trust Available Subordination Amount less than the Transferor Amount?	N
	Is the Adjusted Pool Balance less than the Required Pool Balance?	N
	Is the balance in the Excess Funding Account greater than 30% of Adjusted Pool Balance in the last 3 consecutive collection periods?	N
	Is the 3 month average of the Monthly Payment Rate less than 14%?	N

	Early Amortization Event Triggered	N

Reconciliation

1. Reconciliation of Collection Account
	Transfers Into Collection Account
	Principal Collections	424,946,375.05
	Interest Collections	11,398,472.35
	Principal Recoveries	0.00
	Reserve Account Draw	0.00
	Reserve Account deposits due to VFN Draws	0.00
	Excess Funding Account Draw	0.00
	Principal Funding Account Draw	0.00
	Investment Proceeds	350,708.69
	Available Subordinated Amount Draws	0.00
	Adjustment Payment	0.00
	Transferor Deposit Amount	0.00
	Total Transfers into Collection Account	436,695,556.09
	Transfers From Collection Account
	Required Interest Payment Distribution to Noteholder	5,022,335.54
	Principal Paid	0.00
	Commitment Fees Paid	0.00
	Claims for Application Paid	0.00
	Reserve Account Deposit Amount	0.00
	Excess Funding Account Deposit	0.00
	Principal Funding Account Deposit	86,935,333.33
	Servicing Fees	1,307,794.44
	To CNH	343,430,092.78
	Total Transfers from Collection Account	436,695,556.09
	Difference	0.00

2. Reconciliation of Excess Funding Account
	Beginning Balance of Excess Funding Account	0.00
	Transfers Into Excess Funding Account
	Additions in connection with a reduction in Receivables	0.00
	Additions in connection with a reduction in Available Subordination Amount	0.00
	Excess Funding Account Investment Income	0.00
	Total Transfers into Excess Funding Account	0.00
	Distributions From Excess Funding Account
	Transfer of Investment Income to Collection Account	0.00
	Transfers to Principal Funding Account	0.00
	Transfers to Residual Holder	0.00
	Total Transfers from Excess Funding Account	0.00
	Ending Balance	0.00

(1) Transfer and Servicing Agreement

CNH Wholesale Master Note Trust

Wholesale Asset Backed Notes, Series 2003-1

Monthly Servicer Report

Collection Period		19
Settlement Period Begin Date		4/1/2005
Settlement Period End Date		4/30/2005
Distribution Date		5/16/2005

Period

Accumulation Period

	Orig. Balance	Current Balance	Coupon		Interest Paid	Principal Paid
A	485,787,000.00	485,787,000.00	3.15375	%	1,319,265.92	0.00
B	35,825,000.00	35,825,000.00	3.70375	%	114,258.12	0.00

Allocation Percentages
Floating Allocation Percentage	18.68	%
Principal Allocation Percentage	27.98	%

Required Payments
Series 2003-1 Monthly Interest & Interest Shortfall		1,433,524.04
Monthly Servicing Fee		289,784.44
Controlled Accumulation Amount		86,935,333.33
Total Required Payments		88,658,641.82

Series 2003-1 Share of Available Funds
Interest Collections		3,319,698.29
Principal Collections		117,113,381.65
Reserve Account Investment Proceeds		11,487.04
Principal Funding Account Investment Proceeds		294,506.96
Interest Funding Account Investment Proceeds		5,235.96
Reserve Account Draw Amount		0.00
Subordinated Draw Amount		0.00
Draws from the Series Share of the Excess Funding Account		0.00
Excess Interest Collections from Other Series		0.00
Excess principal Collections from Other Series		0.00
Draws from Principal Funding Account		0.00
Total Available Funds		120,744,309.90

Current Period Payments
Series 2003-1 Monthly Interest and Past Interest Shortfall		1,433,524.04
Servicing Fee		289,784.44
Reimbursement of Chargeoffs & Monthly Dilution		881.03
Controlled Deposit Amount		86,935,333.33
Principal Paid		0.00
Reserve Account Deposit Amount		0.00
Reinstate reductions in Series 2003-1 Available Subordinated Amount		0.00
Reinstate reductions in Collateral Amount		0.00
Excess Interest Collections made available to other series		1,906,738.74
Excess Principal Collections made available to other series		30,178,929.35
Total Payments		120,745,190.94

Current Period Interest Shortfall
Series 2003-1 Monthly Interest Shortfall		0.00
Servicing Fee Shortfall		0.00
Controlled Deposit Amount Shortfall		0.00

Collateral Amount
Beginning Collateral Amount		347,741,333.33
Reductions to Collateral Amount		0.00
Reinstatements due to previous reductions		0.00
Ending Collateral Amount		260,806,000.00

Chargeoffs & Dilutions
Series share of Charge-off and Monthly Dilution amount		881.03
Reimbursement of Chargeoffs & Monthly Dilution		881.03
Reduction to the Collateral Amount due to Chargeoffs		0.00

Reconciliation of Principal Funding Account
Beginning Balance of Principal Funding Account		173,870,666.67
Transfers Into Principal Funding Account
Transfer from Excess Funding Account (Deposits)		0.00
Transferred from Noteholder Principal Collections		86,935,333.33
Principal Funding Account Investment Income		294,506.96
Controlled Deposit Amount		87,229,840.29
Total Transfers and Beginning Balance
Distributions From Principal Funding Account
Transfer of Investment Income to Collection Account		294,506.96
Principal payment to Noteholders		0.00
Total Transfers from Principal Funding Account		294,506.96
Ending Balance		260,806,000.00

Reconciliation of Reserve Fund
Beginning Balance of Reserve Fund		5,216,120.00
Transfers Into Reserve Fund
Transfer from Excess Interest Collections		0.00
Transferred from Noteholder Principal Collections		0.00
Reserve Fund Investment Income		11,487.04
Total Transfers into Reserve Fund		11,487.04
Total Transfers and Beginning Balance
Distributions From Reserve Fund
Transfer of Investment Income to Collection Account		11,487.04
Non-principal payment to Noteholders		0.00
Total Transfers from Reserve Fund		11,487.04
Ending Balance		5,216,120.00

Reconciliation Of Collection Account for Series 2003-1
Transfers Into Collection Account
Transfer of Daily Noteholder Collections plus investment proceeds		120,744,309.90
Investor Default Amount (included in transfer of daily noteholder collections)		881.03
Reserve Account Draw		0.00
Excess Funding Account Draw		0.00
Principal Funding account Draw		0.00
Available Subordinated Amount Draws		0.00
Excess Principal Collections from other Series		0.00
Excess Interest Collections from other Series		0.00
Total Transfers into Collection Account		120,745,190.94
Transfers From Collection Account
Required Interest Payment Distribution to Noteholder		1,433,524.04
Chargeoff reimbursements		881.03
Reserve Account Deposit Amount		0.00
Principal Funding Account Deposit		86,935,333.33
Principal Paid to Noteholders		0.00
Servicing Fees		289,784.44
Reduction to the Collateral Amount		0.00
Total Excess Collections made available to other Series		32,085,668.09
Total Transfers from Collection Account		120,745,190.94
Difference		0.00

CNH Wholesale Master Note Trust

Wholesale Asset Backed Notes, Series 2003-2

Monthly Servicer Report

Collection Period		19
Settlement Period Begin Date		4/1/2005
Settlement Period End Date		4/30/2005
Distribution Date		5/16/2005

Period

Revolving Period

	Orig. Balance	Current Balance	Coupon		Interest Paid	Principal Paid
A	485,787,000.00	485,787,000.00	3.25375	%	1,361,097.58	0.00
B	35,825,000.00	35,825,000.00	3.95375	%	121,970.44	0.00

Allocation Percentages
Floating Allocation Percentage	28.00	%
Principal Allocation Percentage	28.00	%

Required Payments
Series 2003-2 Monthly Interest & Interest Shortfall	1,483,068.02
Monthly Servicing Fee	434,676.67
Controlled Accumulation Amount	0.00
Total Required Payments	1,917,744.69

Series 2003-2 Share of Available Funds
Interest Collections	4,976,877.41
Principal Collections	117,205,525.95
Reserve Account Investment Proceeds	11,486.23
Principal Funding Account Investment Proceeds	0.00
Interest Funding Account Investment Proceeds	5,226.93
Reserve Account Draw Amount	0.00
Subordinated Draw Amount	0.00
Draws from the Series Share of the Excess Funding Account	0.00
Excess Interest Collections from Other Series	0.00
Excess principal Collections from Other Series	0.00
Draws from Principal Funding Account	0.00
Total Available Funds	122,199,116.52

Current Period Payments
Series 2003-2 Monthly Interest and Past Interest Shortfall	1,483,068.02
Servicing Fee	434,676.67
Reimbursement of Chargeoffs & Monthly Dilution	1,320.84
Controlled Deposit Amount	0.00
Principal Paid	0.00
Reserve Account Deposit Amount	0.00
Reinstate reductions in Series 2003-2 Available Subordinated Amount	0.00
Reinstate reductions in Collateral Amount	0.00
Excess Interest Collections made available to other series	3,074,525.04
Excess Principal Collections made available to other series	117,206,846.79
Total Payments	122,200,437.36

Current Period Interest Shortfall
Series 2003-1 Monthly Interest Shortfall	0.00
Servicing Fee Shortfall	0.00
Controlled Deposit Amount Shortfall	0.00

Collateral Amount
Beginning Collateral Amount	521,612,000.00
Reductions to Collateral Amount	0.00
Reinstatements due to previous reductions	0.00
Ending Collateral Amount	521,612,000.00

Chargeoffs & Dilutions
Series share of Charge-off and Monthly Dilution amount		1,320.84
Reimbursement of Chargeoffs & Monthly Dilution		1,320.84
Reduction to the Collateral Amount due to Chargeoffs		0.00

Reconciliation of Principal Funding Account
Beginning Balance of Principal Funding Account		0.00
Transfers Into Principal Funding Account
Transfer from Excess Funding Account (Deposits)		0.00
Transferred from Noteholder Principal Collections		0.00
Principal Funding Account Investment Income		0.00
Controlled Deposit Amount		0.00
Total Transfers and Beginning Balance
Distributions From Principal Funding Account
Transfer of Investment Income to Collection Account		0.00
Principal payment to Noteholders		0.00
Total Transfers from Principal Funding Account		0.00
Ending Balance		0.00

Reconciliation of Reserve Fund
Beginning Balance of Reserve Fund		5,216,120.00
Transfers Into Reserve Fund
Transfer from Excess Interest Collections		0.00
Transferred from Noteholder Principal Collections		0.00
Reserve Fund Investment Income		11,486.23
Total Transfers into Reserve Fund		11,486.23
Total Transfers and Beginning Balance
Distributions From Reserve Fund
Transfer of Investment Income to Collection Account		11,486.23
Non-principal payment to Noteholders		0.00
Total Transfers from Reserve Fund		11,486.23
Ending Balance		5,216,120.00

Reconciliation Of Collection Account for Series 2003-2
Transfers Into Collection Account
Transfer of Daily Noteholder Collections plus investment proceeds		122,199,116.52
Investor Default Amount (included in transfer of daily noteholder collections)		1,320.84
Reserve Account Draw		0.00
Excess Funding Account Draw		0.00
Principal Funding account Draw		0.00
Available Subordinated Amount Draws		0.00
Excess Principal Collections from other Series		0.00
Excess Interest Collections from other Series		0.00
Total Transfers into Collection Account		122,200,437.36
Transfers From Collection Account
Required Interest Payment Distribution to Noteholder		1,483,068.02
Chargeoff reimbursements		1,320.84
Reserve Account Deposit Amount		0.00
Principal Funding Account Deposit		0.00
Principal Paid to Noteholders		0.00
Servicing Fees		434,676.67
Reduction to the Collateral Amount		0.00
Total Excess Collections made available to other Series		120,281,371.83
Total Transfers from Collection Account		122,200,437.36
Difference		0.00

CNH WHOLESALE RECEIVABLES INC 8-K